Meyer Handelman Co. Sells 29,614 Shares of AT&T Inc. (NYSE:T)

Meyer Handelman Co. decreased its stake in AT&T Inc. (NYSE:T) by 17.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 142,511 shares of the technology company’s stock after selling 29,614 shares during the quarter. Meyer Handelman Co.’s holdings in AT&T were worth $2,508,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in T. Pineridge Advisors LLC acquired a new stake in shares of AT&T during the fourth quarter worth about $25,000. Frank Rimerman Advisors LLC acquired a new stake in shares of AT&T during the fourth quarter worth about $25,000. Ramirez Asset Management Inc. acquired a new stake in shares of AT&T during the third quarter worth about $30,000. Western Pacific Wealth Management LP acquired a new stake in shares of AT&T during the fourth quarter worth about $39,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA grew its holdings in shares of AT&T by 35.3% during the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,322 shares of the technology company’s stock worth $39,000 after buying an additional 606 shares in the last quarter. Institutional investors and hedge funds own 57.10% of the company’s stock.

AT&T Stock Performance

NYSE:T opened at $18.40 on Friday. The stock has a market cap of $131.93 billion, a P/E ratio of 9.89, a PEG ratio of 3.56 and a beta of 0.60. The stock has a 50 day simple moving average of $17.32 and a 200 day simple moving average of $17.11. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 1.06. AT&T Inc. has a 1-year low of $13.43 and a 1-year high of $18.45.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.02. The firm had revenue of $30.03 billion during the quarter, compared to analysts’ expectations of $30.62 billion. AT&T had a return on equity of 14.63% and a net margin of 11.13%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.60 EPS. Research analysts anticipate that AT&T Inc. will post 2.24 earnings per share for the current year.

AT&T Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were issued a dividend of $0.2775 per share. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 6.03%. AT&T’s dividend payout ratio (DPR) is currently 59.68%.

Wall Street Analyst Weigh In

T has been the subject of a number of research reports. Barclays upgraded AT&T from an “equal weight” rating to an “overweight” rating and set a $20.00 price objective for the company in a report on Monday, April 29th. BNP Paribas upgraded AT&T from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 11th. Wolfe Research upgraded AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Tuesday, March 5th. StockNews.com downgraded AT&T from a “buy” rating to a “hold” rating in a report on Friday, May 3rd. Finally, Scotiabank increased their price objective on AT&T from $22.00 to $22.50 and gave the stock a “sector outperform” rating in a report on Thursday, April 25th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.54.

About AT&T

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.